less than 10% of the products were for direct sale by gobi. however, since privatization in 2007, the company has rigorously engaged in capital investment to produce a large number of products for direct sale. gobi is putting much effort into designs aimed at the overseas market. in the past, the company manufactured the same designs for both domestic sale and overseas sale. recently a new team has been set up within the design department to specialize in designs targeting overseas consumers. the company is also recruiting designers with experience of studying overseas. in the near future the company plans to secure contracts with italian designers. the president is the force behind the transformgsz of gobi into an internationally recognized clothing brand. he bought out the state-owned company. he's also trying to launch a new fashion label to highlight the appeal of mongolian cashmere to consumers around the world. >> translator: i'm aiming to develop a mongolian cashmere brand recognized by consumers across the globe that will sell in large

bloomberg tv mongolia in the south gobi.ie: we are looking to resuming business in tokyo after this very short break on this mixed market day in asia. that right after this break. -- back right after this break. ♪ angie: the top stories this hour shows that stocks in shanghai fall to a seven-week low, greg byn -- low, dragged down tech. stocks plunged almost 11% in japan. japanese stocks then rose for the first time in almost seven weeks. crude prices are rising as to thes wildfire spreads main oilsands facility, knocking out about 1000 barrels a day. same time, saudi arabia has named a new oil minister, who is expected to keep production at near-record levels. any output freeze must include iran. his vote inas cast the philippine elections for new lawmakers. more than 54 million people are eligible to cast their ballots. give dutente 33% of the vote ahead of grace poe who has 22% of the vote. plus, get the latest on the market right now when japan comes online. here is juliette. juliette: it was a pretty good morning sessio

goby. you have the doctrine of plausible liability>> yes, and i've rejected it now, senator. i say we cannot defend upon that anymore. >> the question i was going to put to you, is that a phrase of art in the intelligence community. second have a significance that you understand. used in a rational earlier years, if the united states could deny something and not be clearly demonstrated as having said something falsely, then the united states could do so. >> in the case of assassinations and the case of any other domestic surveillance, in the ion of the formulat poisons, under that previous doctrine ofould the plausibility deniability have led the agency to destroy evidence, orconceal to compartmentalize to the point here it would be a committee such as this later would have been unable to establish what really happened. plausible denial concept was used in the sense of international domestic relationships. >> are you saying it would not have applied to the formulation of toxic materials? >> i would not say it didn't with it at g to do all, but i would think that the basic rat

most companies, and i should not say that -- necessarily but most gobies have cash for 12-18 months at any given time. that was a very short dying to. -- downtrun. urn. i meet with a lot of folks that are raising funds and say in '08 this is what i did. i remember '01 and '02. i was at princeton. i relearned what -- you saw this grinding. every quarter we are down 20%. 8 quarters ofd, markdowns. . that was a grinding downturn that is where you had financing risk. you had all kinds of syndicate risks. nobody has seen for 15 years. >> you don't think we are heading into that? >> i don't. i think people will say, puff their chest and say i have lived through a downturn have no clue. we are two generations removed. >> at some ellevel it is differt this time. >> yes. >> part of the challenge is to figure out how it is different or in what way. i agree it is a challenge when you have been an environment of 10 years of thriving asset prices. . that is the cadence you know rising prices. when they are not rising, you need to learn new rhythms. at the same time, in that 10 period we got compute